Toms River, N.J., October 19, 2017…Shore Community Bank (OTCPK: SHRC) today announced that its Board of Directors has approved, for the 2017 fiscal year, the payment of an annual cash dividend to shareholders. This cash dividend, in the amount of $0.25 per share, will be paid by the Bank on November 15, 2017, to shareholders of record on November 03, 2017.
It is the present intention of the Bank’s Board of Directors to pay regular quarterly cash dividends on the Bank’s common stock in 2018. However, the actual declaration and the amount of any future cash dividend paid by the Bank to its shareholders is subject to the discretion of the Board and will depend on a number of financial metrics including the Bank’s current and forecasted regulatory capital ratios and earnings.
Howard Butensky, the Bank’s Board Chairman, stated “The Board is pleased to announce the Bank’s first cash dividend to our shareholders. The dividend represents a significant milestone for the Bank as it highlights the growth and profitability we have achieved in the past few years. Through the payment of 15 stock dividends since inception of the Bank, and now with this initial cash dividend, the Board has demonstrated its commitment to enhancing shareholder value.” President & CEO, Robert T. English, stated “The cash dividend declaration reflects our confidence in our business prospects for 2018 and beyond. Our operating performance in the last few years has placed us in a strong financial position, with a solid capital base supported by sustained earnings growth."
Shore Community Bank is traded on the OTC Pink under the symbol “SHRC.”
Shore Community Bank operates five banking offices located in Toms River, Jackson and Manahawkin, New Jersey. The Bank was founded in 1997 by a group of local business leaders with the objective of returning community based banking to the Toms River, Ocean County, New Jersey area.
Information in this release relating to Shore Community Bank's future prospects, including its ability to pay future cash dividends, which are forward-looking statements involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the following: (1) operating, legal and regulatory risks, such as continued levels of loan quality and origination volume, continued relationships with major customers and technological changes; (2) economic, political and competitive forces affecting our banking business, such as changes in economic conditions, especially in our market area, interest rate fluctuations, competitive product and pricing pressures within our market, personal and corporate bankruptcies, monetary policy and inflation; (3) our ability to grow internally or through acquisitions; and (4) the risk that management's analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful. Forward-looking statements may be identified by the use of words such as "expect," "believe," “anticipate,” “estimate,” “forecast,” "intend," “will,” "may" or other similar words and expressions. Forward-looking statements speak only as of the date they are made. Shore Community Bank assumes no obligation to update the forward-looking information in this announcement, except as required under applicable law.